The major market averages rose for a third straight session in early trade Thursday. The S&P 500 and Dow Jones industrial average once again took the lead, rising 0.4% and 0.6%, respectively. The tech-heavy Nasdaq moved up 0.3% after trimming some earlier gains. All three hit new highs.
X On the economic front, December ADP payrolls came in squarely above estimates at 250,000 vs. the 188,000 consensus. Meanwhile, weekly jobless claims rose to 250,000 compared to the 240,000 consensus.
Among the Dow Jones industrial components, financial components Goldman Sachs (GS) and JPMorgan (JPM) were some of the day’s top gainers with advances of 2.1% and 1.6%, respectively. Goldman’s recent saucer-with-handle breakout has been slow-going and is still in buy range from its 247.18 entry. JPMorgan is well-extended from a 95.32 flat-base buy point.
On the downside, Intel (INTC) fell heavily for a second straight day, declining nearly 5% and giving up its 50-day line in heavy volume. The stock triggered the 7%-8% sell signal from a 47.40 buy point Wednesday after reports emerged of a major security flaw in Intel processors.
E-commerce giant Amazon.com (AMZN) was the next FANG stock to break out past a potential buy point in the stock market today. The stock rose 1% to move past a 1213.51 flat-base buy point. The action comes directly on the heels of the Wednesday breakouts of Netflix (NFLX) and Facebook (FB).
The video streamer advanced past a 204.48 flat-base buy point in heavy volume and remains in a buy range that tops out at 214.70. Shares fell 0.1% Thursday. Meanwhile, Facebook broke out past a 184.35 flat-base entry of its own, but volume was only slightly above average. Shares rose 0.6% and are still in buy range.
Leading chip stock Nvidia (NVDA) looked to extend a recent win streak to three trading sessions, rising 0.2% after trimming a nice gain. The stock reclaimed its 50-day line in heavy volume Wednesday. The stock was approaching a potential cup-shaped entry at 218.77 but fell about 70 cents short earlier today.
Tesla (TSLA) skidded nearly 3% after its Q4 Model 3 sedan deliveries fell short of targets. Production numbers for the Model S and Model X met analyst targets. The stock is stuck under its 50- and 200-day moving average lines, over 20% off all-time highs set in September.
Inside the IBD 50, Floor & Decor (FND) looked to snap a three-day losing streak that has seen the stock fall under its 46.34 cup-with-handle entry. Shares rose over 3% to nearly make up for Wednesday’s decline.
This Article Was Originally From *This Site*